Form 990 for tax year 2024
Filed by INDUSTRIAL COUNCIL OF NEARWEST CHICAGO.
Totals
- Total revenue
- $8,822,239
- Total expenses
- $10,221,956
- Contributions and grants received
- $1,947,291
- Grants paid
- $0
- Program service revenue
- $6,820,133
- Investment income
- $21,751
- Other revenue
- $33,064
- Total assets, end of year
- $30,205,467
- Total liabilities, end of year
- $18,613,072
- Net assets or fund balances, end of year
- $11,592,395
- Program services expenses (Part IX)
- $8,115,776
- Management and general expenses
- $1,575,919
- Fundraising expenses
- $530,261
- Program service expenses (Part III)
- $8,115,776
Program services were 79.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1b · Membership dues
$46,852
-
1f · All other contributions, gifts and grants
$1,900,439
-
2a · Program service revenue: BASE RENT
total $6,450,921 · related or exempt $6,450,921
-
2b · Program service revenue: MANAGEMENT FEES
total $185,000 · related or exempt $185,000
-
2c · Program service revenue: SPECIAL EVENTS
total $148,203 · related or exempt $148,203
-
2d · Program service revenue: SERVICE FEES
total $36,009 · related or exempt $36,009
-
3 · Investment income
total $21,751 · excluded $21,751
-
11d · All other revenue
total $33,064 · excluded $33,064
-
11e · Other revenue, total
$33,064
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $203,485 · program services $162,789 · management and general $28,487 · fundraising $12,209
-
7 · Other salaries and wages
total $2,527,560 · program services $2,022,046 · management and general $353,858 · fundraising $151,656
-
8 · Pension plan contributions
total $46,833 · program services $37,466 · management and general $6,557 · fundraising $2,810
-
9 · Other employee benefits
total $247,119 · program services $197,695 · management and general $34,597 · fundraising $14,827
-
10 · Payroll taxes
total $240,409 · program services $192,327 · management and general $33,657 · fundraising $14,425
-
11b · Fees: legal
total $50,578 · management and general $50,578
-
11c · Fees: accounting
total $123,627 · management and general $123,627
-
11e · Fees: professional fundraising services
total $50,000 · fundraising $50,000
-
11g · Fees: other
total $12,573 · program services $10,059 · management and general $1,761 · fundraising $753
-
12 · Advertising and promotion
total $79,687 · program services $70,662 · management and general $6,769 · fundraising $2,256
-
13 · Office expenses
total $176,515 · program services $115,263 · management and general $52,152 · fundraising $9,100
-
14 · Information technology
total $194,977 · program services $148,182 · management and general $35,096 · fundraising $11,699
-
16 · Occupancy
total $4,315,178 · program services $3,421,848 · management and general $669,999 · fundraising $223,331
-
17 · Travel
total $38,268 · program services $29,084 · management and general $6,888 · fundraising $2,296
-
20 · Interest
total $70,971 · program services $53,938 · management and general $12,775 · fundraising $4,258
-
22 · Depreciation, depletion and amortization
total $391,924 · program services $297,862 · management and general $70,546 · fundraising $23,516
-
23 · Insurance
total $355,363 · program services $348,016 · management and general $5,510 · fundraising $1,837
-
24a · Other expenses: PROGRAMS AND EVENTS
total $941,566 · program services $941,566
-
24b · Other expenses: STAFF DEVELOPMENT
total $48,460 · program services $36,829 · management and general $8,723 · fundraising $2,908
-
24c · Other expenses: DUES AND SUBSCRIPTIONS
total $35,933 · program services $27,309 · management and general $6,468 · fundraising $2,156
-
24d · Other expenses: BAD DEBT EXPENSE
total $27,387 · management and general $27,387
-
24e · All other expenses
total $43,543 · program services $2,835 · management and general $40,484 · fundraising $224
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,581,827 · end of year $1,244,173
-
2 · Savings and temporary cash investments
beginning of year $537,574 · end of year $74,734
-
4 · Accounts receivable
beginning of year $349,538 · end of year $486,687
-
9 · Prepaid expenses and deferred charges
beginning of year $21,997 · end of year $50,755
-
10a · Land, buildings and equipment: cost or other basis
$20,683,369
-
10b · Land, buildings and equipment: accumulated depreciation
$10,717,871
-
10c · Land, buildings and equipment, net
beginning of year $10,106,883 · end of year $9,965,498
-
11 · Investments: publicly traded securities
beginning of year $477,880 · end of year $522,760
-
12 · Investments: other securities
beginning of year $4,330,959 · end of year $4,083,341
-
15 · Other assets
beginning of year $14,673,805 · end of year $13,777,519
-
17 · Accounts payable and accrued expenses
beginning of year $1,175,602 · end of year $1,473,558
-
19 · Deferred revenue
beginning of year $123,377 · end of year $134,998
-
23 · Secured mortgages and notes payable
beginning of year $2,062,865 · end of year $2,026,786
-
25 · Other liabilities
beginning of year $15,509,663 · end of year $14,977,730
-
27 · Net assets without donor restrictions
beginning of year $12,621,243 · end of year $11,342,088
-
28 · Net assets with donor restrictions
beginning of year $587,713 · end of year $250,307
Mission and programs · 2024
Mission
STRENGTHEN COMPANIES IN THE KINZIE INDUSTRIAL CORRIDOR AND FACILITATE ECONOMIC AND COMMUNITY DEVELOPMENT BY PROVIDING SERVICES AND INCUBATOR SPACE.
-
RENT SPACE TO TENANTS AND PROVIDE BUSINESS DEVELOPMENT SERVICES.
Expenses $5,207,276 · Revenue $6,635,921
-
PROVIDE BUSINESS RETENTION SERVICES TO COMPANIES IN THE NEARWEST SIDE AND IN THE INCUBATOR TO STRENGTHEN BUSINESS AND RETAIN JOBS. PROVIDE TRAINING TO LOW-INCOME RESIDENTS OF CHICAGO (INCLUDING CULINARY TRAININGS AND COMPUTER TRAINING).
Expenses $2,908,500 · Revenue $184,212
As filed on the 2024 return.
Listed in Part VII
-
Unah ChoiUNAH CHOI
PRESIDENT
- Total calculated
- $0
- Hours/week
- 2
-
Calvin GinCALVIN GIN
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 2
-
Kelly DeadyKELLY DEADY
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Tim GarciaTIM GARCIA
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Everett BellEVERETT BELL
VICE TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
David AvramDAVID AVRAM
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Juan AyalaJUAN AYALA
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Andy BizubANDY BIZUB
MEMBER (THRU MAR 2024)
- Total calculated
- $0
- Hours/week
- 2
-
Harvey CaminsHARVEY CAMINS
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Marcia HundtMARCIA HUNDT
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Simone Mitchell-PetersonSIMONE MITCHELL-PETERSON
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Maria MoranMARIA MORAN
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Kim StapletonKIM STAPLETON
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Joseph WeinJOSEPH WEIN
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Andrew WielgusANDREW WIELGUS
MEMBER (THRU MAR 2024)
- Total calculated
- $0
- Hours/week
- 2
-
Shoushana YarbroughSHOUSHANA YARBROUGH
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Edward YouEDWARD YOU
MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Steve DebrettoSTEVE DEBRETTO
EXECUTIVE DIRECTOR
- Total calculated
- $203,485
- From this org
- $197,153
- From related orgs
- $0
- Other
- $6,332
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $197,153
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $6,332
- Filer's total
- $203,485
-
Natalie ShmulikNATALIE SHMULIK
CHIEF STRATEGY AND INCUBATION
- Total calculated
- $162,190
- From this org
- $158,561
- From related orgs
- $0
- Other
- $3,629
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $158,561
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $3,629
- Filer's total
- $162,190
-
Robert ClimackROBERT CLIMACK
CHIEF FACILITIES OFFICER
- Total calculated
- $114,771
- From this org
- $114,771
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Priscilla TorrencePRISCILLA TORRENCE
CHIEF WORKFORCE DEVELOPMENT
- Total calculated
- $112,980
- From this org
- $110,323
- From related orgs
- $0
- Other
- $2,657
- Hours/week
- 40
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 31 July 2025
- IRS schema version
- 2024v5.2
- Source object
- 202502139349300015
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